Introduction
Microbot Medical Inc., a pioneering medical technology company, has recently completed a significant financial milestone by raising approximately $11.8 million in gross proceeds through a registered direct offering and an ATM facility. This funding will propel the development and commercialization of their groundbreaking LIBERTY® Robotic System, aimed at transforming the healthcare landscape globally.
Details of the Funding
The registered direct offering involved the purchase and sale of 4,000,001 shares of Microbot Medical’s common stock at $1.75 per share under Nasdaq rules. Additionally, a private placement included unregistered short-term series G preferred investment options to purchase up to 8,000,002 shares of common stock at the same price. H.C. Wainwright & Co. acted as the exclusive placement agent for these offerings.
Utilization of Funds
The company plans to allocate the net proceeds towards various initiatives such as further developing and commercializing the LIBERTY® Robotic System, expanding applications from their IP portfolio, and supporting general corporate purposes.
Regulatory Compliance
The shares offered were part of a “shelf” registration statement filed with the SEC and declared effective in December 2023. The short-term series G preferred investment options were issued under specific regulations and are not registered under applicable securities laws.
About Microbot Medical
Microbot Medical is focused on enhancing patient care globally by introducing innovative medical technologies. Their disposable endovascular robotic system aims to overcome traditional barriers in accessing advanced robotic systems.
Forward-Looking Statements
Microbot Medical’s vision for future growth involves risks and uncertainties related to regulatory approvals, market conditions, intellectual property rights maintenance, and capital acquisition needs.
In conclusion, Microbot Medical’s recent fundraising success signifies a significant step towards revolutionizing healthcare through cutting-edge robotic technology that promises to enhance patient outcomes worldwide.
